Fleta Solomon will step down as CEO of Little Green Pharma (LGP) at the end of August, with chief operating officer Paul Long set to succeed her in the position.
Solomon, who founded LGP, will transition to a part-time executive board role concentrating on external communications, market positioning, environmental, social and governance (ESG) matters, and branding.
She said: "After seven years as CEO, living and breathing Little Green Pharma, I've elected to reduce my workload and focus increasingly on those parts of the LGP business I'm most passionate about.
"While this is a difficult decision personally, it was made much easier knowing we have a ready-made replacement in our COO Paul Long."
Long has worked at LGP for over five years. Before joining the company, he served as chief executive of Onsite Health Solutions prior to its acquisition by Sanitarium in 2012.
LGP chairman Michael Lynch-Ball said: "Fleta remains extremely passionate about Little Green Pharma and will continue to be an invaluable asset to the company in her new role as executive director.
"I would like to formally acknowledge the commitment, energy, drive and success she has achieved in her term as CEO."
On Long's appointment, he added: "Paul has tremendous drive and commitment to the business and has earned the respect of investors, staff, customers, and the board… we're confident he will be an outstanding CEO and steward of the growth strategy we continue to pursue."
LGP noted that Solomon, the company's third largest shareholder, has no intention of selling her shares beyond "potentially small parcels to fund tax obligations if required".
She added: "I'm incredibly proud of the patient lives we have changed around the world through cannabis medicines… Little Green Pharma is in my blood and remains my passion.
“I remain 100% committed to the company and optimistic and buoyant about its future prospects.”
